In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three-step process
Question:
In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three-step process illustrated in the chapter to record the adjusting entry at year-end December 31, 2018. The process includes (1) determining if revenue was earned or an expense incurred, (2) determining whether cash was received or paid in the past or will be received or paid in the future, and (3) computing the amount of the adjustment. a. Estimated electricity usage at $450 for December; to be paid in January 2019. b. On September 1, 2018, loaned $6,000 to an officer who will repay the loan principal and interest in one year at an annual interest rate of 5 percent. c. Owed wages to 10 employees who worked four days at $200 each per day at the end of December 2018. The company will pay employees at the end of the first week of January 2019.
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a 1Utilities Expense is incurred 2Cash will be paid in the future for utilities ...View the full answer
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